Mexico · Delayed Price · Currency is MXN Grupo Aeroportuario del Centro Norte Earnings Call Transcripts
Fiscal Year 2026
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Passenger traffic grew 4.7% year-over-year, with strong domestic gains offsetting softer international demand. Adjusted EBITDA rose 2.1% to MXN 2.4 billion, while net income declined 4.1%. Tariff increases and new routes are expected to support growth in 2026.
Fiscal Year 2025
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2025 saw strong passenger and revenue growth, with Monterrey Airport expanding international routes and commercial revenues rising across key segments. The new 2026-2030 MDP commits MXN 16 billion to capacity, quality, and sustainability, supporting long-term growth.
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Passenger traffic grew 8% year-over-year, driving a 9.8% revenue increase and 9% EBITDA growth. Cost pressures from inflation and labor remain, but guidance anticipates 7–8% traffic growth for 2025 and low to mid-single digits for 2026.
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Q2 2025 saw 11% passenger growth and 17% higher aeronautical revenues, with Monterrey Airport leading gains. Adjusted EBITDA rose 19% to $2.6B pesos, and net income increased 3.8%. Mid to high single-digit traffic growth is expected for the rest of 2025.
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Passenger traffic rose 9.1% year over year, with strong growth in commercial and diversification revenues. Adjusted EBITDA margin reached 74.9%, and net income increased 19.7%. Management expects mid-single-digit traffic growth for 2025 amid macro uncertainties.
Fiscal Year 2024
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Q4 2024 saw 4.6% passenger growth, with international traffic up 26.4% and strong commercial revenue gains. EBITDA margin remained robust, and Monterrey's expansion and new routes are set to drive future growth. Net debt to EBITDA was 1.1x at year-end.
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Passenger traffic declined 5.3% year-over-year due to aircraft recalls, but international traffic hit a record high and non-aeronautical revenues surged 19%. Adjusted EBITDA margin remained strong, and new routes plus nearshoring are expected to drive growth in 2025.
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Second quarter 2024 saw a 2.4% drop in passenger traffic but a 12% rise in international passengers and 13.8% growth in non-aeronautical revenues. Adjusted EBITDA margin was 73.3%, and net income rose 1.5% year-over-year. Management expects a low single-digit traffic decline for the rest of 2024.